Deka Immobilien selects BNY Mellon for real estate fund administration services

BNY Mellon has been appointed by Deka Immobilien to provide global fund administration coordination and oversight for its Special Purpose Vehicles.

Much of Deka’s EUR40 billion in real estate assets is invested globally via Special Purpose Vehicles (SPVs). BNY Mellon’s role is to gradually coordinate accounting data from the SPVs around the world in which Deka funds invest, review the data, translate it into the required accounting standards (for example, IFRS) and provide it to Deka Immobilien for its NAV calculations.

The data is collected through BNY Mellon’s Property Management Interface (PMI), a web-based application that enables local accountants across the globe to provide data in a standardised format and automated way. This was a task previously undertaken in-house by Deka Immobilien.

Burkhard Dallosch, COO of Deka Immobilien Investment, says: “We were immensely impressed by the commitment and knowledge of the BNY Mellon team as well as with their technology, which significantly automates the data gathering process and enhances the oversight of our real estate investment. This cooperation further contributes to the standardisation and comparability of data in the real estate industry as other organisations are also using the expertise of BNY Mellon. The fund administration of Deka Immobilien has become more efficient and will be able to continue its growth.”

Alan Flanagan, Global Head of Alternatives, BNY Mellon Asset Servicing, says: “We are delighted to support Deka Immobilien and have enjoyed working with the Deka team in on-boarding this accounting service. It is a significant appointment for our Alternative Investment Services team and a testament to the quality of our technology, our global reach and the expertise of the team in Germany.”